Grifols posts €36M net profit in turbulent first half of 2024 marked by fraud accusations

Grifols, the Catalan multinational pharmaceutical company, has presented its financial results for the first half of 2024, where the company has seen net profits of €36 million.  

The results presented on Tuesday show revenue surpassing €3.444 billion during the first six months of the year, a 7.5% increase compared with the same period last year.  

"We are proud to have obtained solid results in the first quarter and half, and we can confirm our forecast for 2024," Grifol's CEO, Thomas Glanzmann, said.  

However, the company had been suspended on the stock market for three hours on Tuesday due to a "financial discrepancy" found by its new auditor Deloitte. 

Glanzmann said that all of the business units of the company have grown, especially during the Q2. 

Its biopharmaceutical branch increased turnover by 8.9%, a boost due mainly to the growth in the immunoglobulin franchise and the increase in demand from the United States and Europe.  

Grifols said that, as of June 30, it had a liquidity position of €915 million and a cash position of €568 million. 

Fraud accusations 

Thses results come several months after the Catalan multinational saw its stock market price plummet on January 9 following a report that accused the company of manipulating its accounts.  

The company's price dropped by as much as 40% during the course of that morning, after it initially appeared on the index without a price.  

The report, created by Gotham City Research investment fund, said that the company's shares were worth "zero."  

Grifols' CEO denied the fraud allegations and made commitments to improve company governance. Thomas Glanzmann said the claims in the short seller's report were "false."